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Jamie Dimon and a host of regulators are on Capitol Hill testifying about the $2 billion (and counting) trading loss JP Morgan announced last month.

And while Dimon's testimony at the Senate last week was kind of blah, this one promises to be much more exciting. One reason for that: Massachusetts Congressman Barney Frank. He's known for his sharp tongue and quick wit, both of which have only gotten more pronounced since he announced his retirement last year.

That said: He just landed his first punch on Wall Street. Frank was questioning the CFTC's Gary Gensler about Dodd-Frank and how practices would've changed what happened in JP Morgan's Chief Investment Office. Gensler replied that it would've meant more transparency all around.

Frank replied:

"Some of my friends in the financial services community view competition as a spectator sport, only to be participated in by others."